NEW YORK ( TheStreet) -- There's a great divide brewing in America and it's not just a political one, Jim Cramer told "Mad Money" viewers Thursday.

Every day in the markets the bulls and the bears are duking it out to win the hearts and minds of investors, and there seems to be little hope for a compromise. Cramer identified six such battlegrounds.

The first battleground is employment, with the bears crying foul over recent upticks in hiring but the bulls seeing some reasons for hope and buying into retail stocks such as Wal-Mart Stores (WMT) and Costco (COST) .

The second battle is over the looming fiscal cliff. The bears see it as an unsurmountable Everest, but the bulls view it more as a bump in the road. Then there's the battle over where corporate earnings are headed in 2013. The bears cite FedEx (FDX) and its two guide-downs, but the bulls look to FedEx's positive comments for 2013 and beyond.

Next is China, said Cramer, where Alcoa (AA) continues to disappoint, but also offered some glimmer of hope that things will improve in late 2013. There's also been a battle on the mergers and acquisitions front, and countless initial public offerings have been closing below their openings and drifting lower thereafter. But the bulls saw this trend end today with a handful of prominent IPOs that all closed higher.

Finally, Cramer said there's a battle over Apple (AAPL) , a stock he owns for his charitable trust, Action Alerts PLUS. He said that the bears have all sorts of reasons to hate the stock, but the bulls clearly have history on their side.

All of these battles may make the markets seem very confusing, admitted Cramer, which is why he continues to advise proceeding with caution.

Looking for Value

Cramer's always on the hunt for stocks that represent good value, which is why Dean Foods (DF) caught his attention after the stock fell from $17 a share to just $14.65 despite the company's recent announcement that its spinning off its WhiteWave-Alpro organic food division.

Cramer said Dean Foods is a classic case of a company being worth less than the sum of its parts. But in this case he doesn't need to speculate on what could happen in the event of a spin-off because the company has already announced not one, but two.

In addition to the WhiteWave spinoff, which is already in process, Dean Foods also announced on Sept. 26 that it's seeking a buyer for its Morningstar division, which makes, among other things, coffee creamers for restaurants.

Adding up the value for both WhiteWave and Morningstar as well as the remaining Dean Foods business, Cramer said the company is worth at least $20 a share, a full 40% more than where it closed Thursday.